The Children's Place, a children's clothing giant, files for bankruptcy and seeks a buyer

In depth

The American children's clothing chain The Children's Place has filed for protection from creditors in the United States, with debts of nearly $1 billion. The chain, which has operated for 57 years, announces the closure of all 500 of its stores.

The chain's sales fell 19% in the last quarter. The company is trying to find a buyer by the end of the year, and in the meantime clearance sales with discounts of up to 60% on all inventory have begun.

Alongside this, layoffs of hundreds of employees and the closure of logistics centers have begun. The brand operates in Israel under a franchise of the Fox group, which runs 30 stores.